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Parkin to expand operations in malls, airports

Latest News Dubai 01 Mar 24
Parkin to expand operations in malls, airports
Parkin to expand operations in malls, airports and new development areas.
Event Location
Dubai, Dubai
Start Time
01 March 2024, 12:00 AM
End Time
31 March 2024, 12:00 AM

Parkin – the public joint stock company tasked to operate and manage public parking spaces in Dubai – is looking into expanding its services to privately owned developments, including shopping malls, airports, and other high-traffic facilities, the company said on Tuesday.

Leveraging its experience and technology, Ahmed Hashem Bahrozyan, chairman of Parkin’s Board of Directors, said: “We are planning to expand to private developments and properties as part of our expansion plans. We have about 30 years of experience and end-to-end solution. We have the right to compete for parking services at malls and other private developments.”

Parkin, which was created as a PJSC in January this year, has a 49-year concession agreement with RTA to manage and operate “all existing and new public parking facilities in Dubai.”

Parkin CEO Mohammed Al Ali reiterated the company is actively exploring multiple opportunities to expand agreements with private developers across Dubai.

Parkin currently operates about 179,000 paid public parking spaces and it has seven contracts with private developers to manage approximately 18,000 parking spaces, “with significant potential for expansion in existing and developing areas.”

Bahrozyan, however, clarified that the decision to implement paid services in shopping malls or hypermarkets will remain with the property developers. “If malls want to charge for parking or (make the service) remain free, it will be the decision of their management,” he told reporters during Parkin’s announcement of launching an initial public offering (IPO) and listing on the Dubai Financial Market (DFM).

Dubai parkin 2024

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